Program Rules

Updated as of September 30, 2026

Trading Stages

There is an evaluation stage (henceforth “Kraken Prop Evaluation”) and a trading stage where users are eligible to receive payouts after passing the Kraken Prop Evaluation (henceforth “Kraken Prop Account”).

The FAQs for Kraken Prop Accounts received after passing the Kraken Prop Evaluation can be found here.

All trading during the evaluation stage uses simulated capital. No simulated profits earned during the evaluation can be withdrawn. Upon passing the evaluation and agreeing to onboard for a funded account, trading begins with a fresh balance – evaluation profits do not carry over.

Demo Account Goals and Equity Limits for Kraken Prop Evaluation

Kraken Prop Evaluation 1-Step (Starter):

Kraken Prop Evaluation 1-Step (Intermediate):

Kraken Prop Evaluation 1-Step (Advanced):

Post-Stage Completion Process for Kraken Prop Evaluation

If you pass a 1-Step Kraken Prop Evaluation, you will receive a new demo account (your Kraken Prop Funded Account, which is eligible for payouts). Before trading is enabled, you will be required to pass our KYC check and sign the Funded Trader Agreement. These are accessible via email. Once your account has been approved, trading will be enabled.

Time Limits for Kraken Prop Evaluation

We have no minimum or maximum time limits for any of our evaluations.

You can pass the Kraken Prop Evaluation as soon as you meet the demo account goal while adhering to the equity limits and other applicable Terms and Conditions.

Viewing Maximum Daily Loss and Maximum Drawdown Equity Limits

The maximum drawdown and maximum daily loss equity limits are visible and updated in the Kraken Pro app.

The login for the Kraken Pro app is the email used to purchase the evaluation, and the password is contained in the credentials email (same as the Kraken Pro password by default).

It is very important to become familiar with the Kraken Pro app, as it contains the equity limits for the account.

If the account’s equity reaches or exceeds any of the equity limits – this includes both the maximum daily loss equity limit and the maximum drawdown equity limit – the account will be in breach (all positions closed, the account is permanently disabled, and you must purchase another Kraken Prop Evaluation if you wish to restart).

Maximum Daily Loss in Kraken Prop Evaluation

As a reminder: Maximum daily loss and maximum drawdown are in force at the same time. Reaching or exceeding EITHER of these thresholds will result in a breach.

The maximum daily loss equity limits are 3% for 1-Step accounts.

This is the daily equity limit for the account.

• This is NOT a static $ amount.
• This is NOT a daily reset based on your starting balance.
• It is a percentage-based calculation from your balance at 12:30AM/0030 UTC.
• This calculation takes place every day at 12:30AM/0030 UTC.

Note that your balance excludes open positions.

For example: Your balance (not including any open positions) at 12:30AM/0030 UTC is $105,000. You have a 1-Step Starter Kraken Prop Evaluation. Your maximum daily loss equity limit will be recalculated as $105,000 – 3% = $101,850. That will be your maximum daily loss equity limit for the next 24 hours, until 12:30AM/0030 UTC the following day.

If your equity (including any open positions) reaches or exceeds your maximum daily loss equity limit at any point for any amount of time, the account will be breached.

This means all positions are automatically closed, the account is permanently disabled, and you must restart the Kraken Prop Evaluation if you wish to trade again.

Maximum Drawdown Calculation for 1-Step Kraken Prop Evaluation

As a reminder: Maximum daily loss and maximum drawdown are in force at the same time. Reaching or exceeding EITHER of these thresholds will result in a breach.

The maximum drawdown equity limits for 1-Step Kraken Prop Evaluations are:

• 3% for 1-Step Advanced accounts
• 5% for 1-Step Intermediate accounts
• 6% for 1-Step Starter accounts

For example: You have a fresh $100,000 1-Step Starter Kraken Prop Evaluation. The maximum drawdown is 6% below your starting balance. 6% below $100,000 is $94,000. Your maximum drawdown amount in this example will always be $94,000. It does not move up or down.

If your equity (including any open positions) reaches or exceeds your maximum drawdown equity limit at any point for any amount of time, the account will be breached.

This means all positions are automatically closed, the account is permanently disabled, and you must restart the Kraken Prop Evaluation if you wish to trade again.

Trading Fees and Commissions in Kraken Prop Evaluation

Our trading fees are 0.04% per side.

This is equivalent to 4 basis points/side = 8 basis points per round trip (opening and closing a trade).

As such, you are charged 0.04%/4 basis points when opening a trade, and 0.04%/4 basis points when closing a trade.

This is calculated using the notional size of the position.

A swap fee of 0.033% per open position per day is charged six times per day, once every four hours. The total daily rate remains 0.033%, divided equally across six intervals – meaning each individual charge is approximately 0.0055% per open position. If you hold a position open across multiple four-hour intervals, the fee will be deducted multiple times throughout the day accordingly.

Our evaluation environment is intended to replicate a live environment to a very high degree of accuracy. This means that traders should always consider the available liquidity and order book depth when planning their trades, especially if they are trading less liquid instruments and trading during less liquid sessions (overnight, weekend, into news events, and so forth).

Available Leverage

Kraken Prop offers trading across crypto and non-crypto markets. Leverage varies by instrument:

• 10x leverage on BTC, Nasdaq 100 (NQ), and S&P 500
• 5x leverage on ETH
• between 2x – 5x leverage on all other instruments.

Leverage is autoapplied and cannot be changed.

Breach Conditions in Kraken Prop Evaluation

A breach event occurs when any of the following conditions are met:

Reaching or exceeding the maximum daily loss equity limit.

Reaching or exceeding the maximum drawdown equity limit.

Use of prohibited trading practices.

Any violation of our Terms and Conditions.

If the account is breached: all positions are automatically closed, the account is permanently disabled, and you must restart the Kraken Prop Evaluation if you wish to trade again.

Exceeding Maximum Daily Loss and Maximum Drawdown Equity Limits

Exceeding the maximum daily loss equity limit will breach the account.

Exceeding the maximum drawdown equity limit will also breach the account.

Both of these equity limits are in force simultaneously, and apply at all times.

If the account is breached: all positions are automatically closed, the account is permanently disabled, and you must restart the Kraken Prop Evaluation if you wish to trade again.

Prohibited Trading Practices

You are prohibited from using any trading strategy that is expressly prohibited by any Liquidity Provider used by the Company. Such prohibited trading (“Prohibited Trading”) shall include, but not be limited to:

• Exploiting errors or latency in the pricing and/or platform(s).
• Utilizing non-public and/or insider information.
• Front-running of trades placed elsewhere.
• Trading in any way that jeopardizes the relationship the Company has with a CEX or MM.
• Trading in any way that creates regulatory issues for Kraken Prop, a CEX, or an MM.
• Utilizing any third-party strategy, off-the-shelf strategy or one marketed to pass evaluation requirements.
• Utilizing one strategy to pass the evaluation and then utilizing a different strategy in the simulated demo Account.
• Attempting to arbitrage your account with another account with the Company or any third-party company, as determined by the Company in its sole and absolute discretion.
• Using trading strategies that are difficult to replicate in the live market, or come at a heightened risk when attempting to do so. This includes but is not limited to: trades that would risk being auto-deleveraged due to Margin Requirements, trades resulting in exceedingly large fluctuations in unrealized gains/losses, and more.
• Executing trade ideas belonging to or inspired by any third-party, including but not limited to copy trading other traders’ and analysts’ ideas and copy trading signals from any type of trading community, social media, research reports, crowdsourced ideas, and more.
• Account sharing of any nature, including but not limited to sharing credentials with other users and/or trading multiple accounts from the same household, devices, or IP address.

Weekend Position Holdings

We allow for holding positions over the weekend.

All trading is 24/7 (outside of unplanned service interruptions and scheduled maintenance periods).

Multiple Kraken Prop Evaluations

You may purchase and trade more than one Kraken Prop Evaluation at the same time, subject to a maximum of $200,000 in combined active account sizes at any given time.

For example: you may hold two $100,000 evaluations, four $50,000 evaluations, or any other combination that does not exceed $200,000 in total active account size.

All other rules, including equity limits, prohibited trading practices, and hedging restrictions, apply independently to each active evaluation.

Position Size Limits

The maximum position size on any given instrument is viewable in the Kraken Prop interface on Kraken Pro app.

Simply right-click on the symbol and select ‘Instrument info’, or click the “i” button at the top of the chart tab. This will show you the maximum position size per instrument.

A list of instruments and their corresponding maximum position sizes can also be viewed on our Symbols page. These limits mirror the limits set by our Liquidity Providers.

Hedging and Copy Trading Rules

Hedging: The Funded Trader or Evaluation Trader (each, a “Trader”) may hedge open positions within a single Funded Account or Evaluation Account (each, an “Account”). “Hedge Mode” whereby the Trader may simultaneously enter into both a long- and short-position on the same Digital Asset within the same Account. Hedge Mode is enabled by default in all Funded Accounts and Evaluation Accounts.

Notwithstanding the foregoing, hedging the same Digital Asset, or Digital Assets that exhibit a tight or substantial correlation such that opposing positions in such assets function as an economic hedge, across multiple accounts or multiple Traders is strictly prohibited. “Cross-Account Hedging” means the practice of opening opposing positions on the same Digital Asset, or on Digital Assets that are sufficiently correlated that opposing positions in such assets produce a hedging effect, across two or more accounts, including but not limited to, two or more Funded Accounts, two or more Evaluation Accounts, or any combination thereof, regardless of whether such accounts are held under the same or different names, email addresses, or identities, where any of the following conditions are met: (i) such positions are opened at the same or substantially the same time; (ii) such positions are opened at the same or substantially similar price levels, notional values, or within a price range such that the positions function as an economic offset of one another; (iii) such positions, regardless of timing or price at entry, result in a net exposure profile across accounts that is consistent with a deliberate hedging strategy; or (iv) the overall pattern of trading activity across accounts is, in the sole discretion of the Company, consistent with a coordinated effort to profit from one winning side while offsetting losses on the other. For purposes of this section, whether positions are “substantially the same” or “substantially similar” in timing, price, or notional value, and whether Digital Assets are sufficiently correlated to produce a hedging effect, shall be determined by the Company in its sole and reasonable discretion, taking into account all relevant circumstances including market conditions, asset volatility, historical and implied correlation between the relevant Digital Assets, position sizing, and the pattern of trading activity across the relevant accounts. “Cross-Trader Hedging” means the practice whereby two or more Traders, acting in concert or coordination (including, without limitation, sharing trading signals, strategies, timing parameters, or trading infrastructure), open opposing positions on the same Digital Asset, or on correlated Digital Assets as described above, across their respective accounts under any of the conditions described in clauses (i) through (iv) above, regardless of whether such Traders share a common identity, device, network, or financial interest, where the intent or effect of such activity is to engineer a guaranteed or near-guaranteed profit across such accounts.

A hedge on the same Digital Asset within a single Account is only permissible where: (i) the hedge is placed within one (1) Account solely, and (ii) the existing open position on such Digital Asset has, at the time the opposing position is placed, reached a level of substantial unrealized profit or loss such that, in the sole discretion of the Company, the opposing position functions as a standalone position and not as a deliberate mechanism to simultaneously capture gains and offset losses. The Company reserves the right to determine, in its sole and absolute discretion, whether an existing position has reached a sufficient level of unrealized profit or loss to satisfy the condition set forth in (ii) above. Any hedge that does not satisfy both conditions set forth in (i) and (ii) above shall be deemed Prohibited Trading under this Agreement.

For the avoidance of doubt, the following are non-exhaustive examples of prohibited hedging activity that constitute Prohibited Trading under this Agreement:

(i) opening a long position on a Digital Asset in one Account and simultaneously, or near-simultaneously, opening a short position on the same Digital Asset in another Account;

(ii) two or more Traders opening opposing positions on the same Digital Asset across their respective accounts at the same or substantially the same time, whether or not such coordination is explicit;

(iii) any strategy that, in the sole and absolute discretion of the Company, is designed to exploit the Performance Split structure or the evaluation structure by engineering a guaranteed or near-guaranteed profit across multiple accounts or multiple Traders.

The Company reserves the right to monitor trading activity across all accounts and all Traders and to determine, in its sole and absolute discretion, whether any form of prohibited hedging has occurred. A finding of any such prohibited hedging activity shall constitute a Breach and may result in the immediate termination of all associated accounts, forfeiture of all accrued Performance Splits, and permanent disqualification from participation in the program. Notwithstanding the foregoing, where the Company determines, in its sole discretion, that a violation was inadvertent and non-recurring, the Company may, in lieu of termination, issue a formal warning to the Trader. A second violation, or any violation determined by the Company to be deliberate or coordinated, shall result in the consequences set forth above.

Payout Eligibility During Kraken Prop Evaluation

You cannot receive payouts during the Kraken Prop Evaluation.

The Kraken Prop Evaluation is for assessment and evaluative purposes only.

Payment Options

We support payments via a range of credit/debit cards and cryptocurrencies paid directly through your Kraken Pro account.

User Fund Holdings

We do not hold or trade user funds.

All trading account balances consist entirely of simulated capital.

We will never require you to deposit any of your assets with us.

KYC Requirements

We do not mandate KYC for the Kraken Prop Evaluation.

However, KYC becomes mandatory in order to gain access to a Kraken Prop Funded Account and become eligible to receive payouts.

KYC can be completed at any time via your Pro app.

We recommend submitting your KYC upon registration.

The process requires that you provide one of the following forms of ID: Passport, Driver’s License, ID card, or Residence Permit.

You must also provide a selfie that matches your ID.

You must also provide proof of residence that matches your ID.

KYC is conducted via SumSub.

VPN Usage Policy

We allow the use of VPNs; provided, however, you do not use VPNs in an attempt to conceal or misrepresent the jurisdiction in which you are operating or otherwise evade applicable laws and regulations.

Please note that you must satisfy our KYC requirements if you pass the Kraken Prop Evaluation in order to gain access to a Kraken Prop Funded Account.

Refund Policy

We do not offer refunds except for one (1) specific evaluation upon KYC rejection. We are unable to refund multiple evaluations and/or previous evaluations.

Our full policy is available in our Terms and Conditions.

News Event Trading

We allow trading during all news events, subject to accessibility of data and pricing liquidity information from our third-party Liquidity Providers.

There is no rule or restriction on news trading.

KYC Rejection Process

KYC can be completed at any time via your Pro app.

If your KYC check is rejected, you will be fully refunded for the single, specific evaluation that you passed (if applicable).

This full refund only applies to one evaluation. We are unable to refund multiple evaluations and/or previous evaluations.

For this reason, we recommend submitting your KYC check immediately upon registering an account and logging in to your Pro app (even though KYC only becomes mandatory upon passing a Kraken Prop Evaluation).

We use SumSub to conduct our KYC checks.

If you believe your KYC was rejected in error, please contact Kraken Support at support.kraken.com and include any documents that support your case.

Ineligible Countries

We are unable to offer any of our services to traders from and/or in the following jurisdictions:

Afghanistan, Belarus, Burma, Canada, Central African Republic, Cuba, Democratic Republic of the Congo, Ethiopia, India, Iran, Iraq, Lebanon, Libya, Mali, Nicaragua, North Korea, the Philippines, Russia, Somalia, Sudan, Syria, the United Kingdom, Venezuela, Yemen, Zimbabwe, and the Crimea, Donetsk, and Luhansk regions of Ukraine.

In the United States, Kraken Prop is not available to residents of New York or Maine.

This list may change depending on global regulatory and compliance requirements.

Minimum Age Requirement

You must be 18 or older in order to use any of our services.

New Kraken Prop Evaluation Selection

Your login credentials for new Kraken Prop Evaluations will be the same if they are purchased via the same email.

Your new Kraken Prop Evaluation can be selected via the dropdown menu in the top right-hand corner of the Kraken Prop (web app) or under the “Menu” option in the mobile apps. You can switch between your accounts using those dropdown menus.

Partial Take Profit Orders

Take profit orders cannot be taken in partials for a single position.

You can replicate partial take profit orders by:

Manually reducing your position size at the desired level(s) by clicking the small ‘x’ in the Positions tab next to your position. Ensure one-click trading is disabled.

Entering your trade using multiple positions and splitting up your take profit orders across those different positions.

Trading Environment

All trading during the Kraken Prop Evaluation takes place in a live environment with simulated capital.

Latency and slippage arising as a result of any additional amount of time it takes for orders to be routed to and executed on the live market, including but not limited to the speed of internet connectivity and order routing, may adversely materially impact execution prices.

We reserve the right, in our sole discretion, to subject orders to additional latency in order to prevent latency arbitrage and other Prohibited Trading.

Liquidity Providers

For trading data and liquidity in our crypto trading environment, we source liquidity from third-party brokers, market makers, exchanges or other providers of liquidity in cryptocurrency (collectively, “Liquidity Providers”).

If you are looking for the most accurate pair to follow using your own TradingView account, the best proxies are OKX’s and Bybit’s USDT perpetual futures pairs (USDT.P).

These pairs will not always align perfectly with Kraken Prop’s symbols. As such, we always recommend using our trading terminal’s native charting tools.

Trading Hours

Trading hours are 24/7 for all instruments.

The only exceptions are unplanned service interruptions and scheduled maintenance periods, for which advance notice is given via email, our website, and Discord.

Unfilled Limit Orders

Unfilled limit orders may occur as a result of the spread (difference between the bid/ask) and/or insufficient liquidity (market depth) at your limit order price.

Our platform does not support partial fills, meaning that if your order can’t be filled for the full amount at your limit order price, it will not be filled at all.

To remedy this, we recommend splitting up your limit orders and/or checking the depth of market tool in our terminal to see the available liquidity at a given price level.

90/10 Split Add-on

The default payout split is 80/20.

Applying the 90/10 split as an add-on will increase the payout split to 90/10.

The 90/10 split add-on cannot be added retroactively and is only available at the time of account purchase.

This is an unregulated service.

This evaluation program is intentionally rigorous and designed to verify a trader’s risk-management skill and strategy discipline before any proprietary capital is allocated by Payward Oceanic Ltd. Most applicants do not pass on their first attempt and there is no guarantee that your performance will improve or that you will pass any future evaluations. Prospective traders should purchase an evaluation only if they are confident in their trading ability and knowingly accept the risk of not qualifying for a funded account. Evaluation fees are non-refundable for each attempt once trading begins, regardless of outcome.

You provide trade signals only. You do not hold real positions. Any stated limits are simulated. Payouts are real, based on your simulated performance.